Senior US market watchdog official exits to join dealmaking fintech Finalis

Steven Price, a senior vice president of market investigations at the U.S. Financial Industry Regulatory Authority (FINRA), has departed the Wall Street watchdog to assume the position of chief compliance officer at dealmaking fintech Finalis, according to the company. Price was one of Wall Street’s top regulators for the past six years, overseeing thousands of investigations as part of FINRA's market investigations team.

His most recent role involved leading FINRA's probes into potential securities law violations, including insider trading and market manipulation. Prior to this, he initiated FINRA's National Cause Program, which entailed the creation of the first AI-driven model to centralize and analyze complaints, tips, and referrals of potential misconduct.

Price's transition to Finalis, a San Francisco-based fintech, occurs at a time when the rise of fintechs and AI is intensifying competition on Wall Street and reshaping investment banking. This shift enables larger firms to launch boutiques and secure smaller deals, with boutiques utilizing AI tools for analytical and administrative tasks traditionally performed by extensive teams at Wall Street institutions, while Finalis offers licensing and other dealmaking compliance infrastructure.

According to Price, the opportunity to leverage the insights gained from his time at FINRA to expedite processes and connect pertinent information to the right parties was a significant factor in his decision to join Finalis. Finalis, founded in 2020 by former Kirkland & Ellis M&A lawyer Federico Baradello, has facilitated $34 billion in transactions thus far. FINRA declined to comment on Price's departure.